SEC, Nasdaq, and BlackRock Discuss Listing Rules for Bitcoin ETFs

Crypto Listing and Fed Meeting

In December, BlackRock, Nasdaq and the United States Securities and Exchange Commission (SEC) met for a second time to discuss the application for a spot Bitcoin (BTC) exchange-traded fund (ETF).

The SEC memo indicated that the representatives from the three organizations discussed the rule changes needed for listing the spot Bitcoin ETF. The SEC wrote:

Nasdaq Rule 5711(d) was discussed at the meeting and it outlines the requirements for the initial and continued listing of commodity-based trust shares on the Nasdaq. This rule creates regulatory guidelines and criteria for listing, including surveillance measures and compliance protocols to ensure market integrity and protect users from fraud.

This was not the first time that the rules for listing a spot Bitcoin ETF on exchanges were discussed. On November 20, BlackRock and Nasdaq had a meeting with the SEC to discuss a proposed rule for allowing a spot Bitcoin ETF to be listed. BlackRock presented a presentation about how the company could use an in-kind or in-cash redemption model for the iShares Bitcoin Trust.

On Dec. 14, the SEC convened another gathering with asset managers to deliberate a potential Bitcoin ETF. Representatives from SEC Chair Gary Gensler’s office were present at the meeting to discuss the proposed rule alteration that would allow major exchanges to list the crypto fed meeting.